Warning - Daily Telegraph giving incorrect information on property Trusts
On Sunday, Harry Brennan, personal finance reporter for the Telegraph, wrote an article for the Sunday Telegraph advising people to be careful when looking to set up Trusts.
This is 100% true.
Anyone setting up a Property Trust should run a mile if the company organising it requests or demands that they be a Trustee.
However the article includes a statement from Katie Robertshaw below
Katie Robertshaw of law firm Nelsons said….
“If you have put your home into trust, it is effectively owned by the firm that looks after it – so people are understandably very worried if that firm no longer exists.”
This is completely and 100% UNTRUE and FALSE and is an irresponsibly inflammatory comment made simply to give the piece weight.
Anyone of the 1000s of clients we have prepared property trusts for over the last few years is 100% aware that either:
1. They alone are Trustees
2. They are Trustees with their spouse/partner
3. They are Trustees together with spouse/partner and children
When set up, these trusts are registered with the LAND REGISTRY using a TR1 form and a search once completed clearly demonstrates that it is the trustees nominated and NOT the company preparing the trusts that hold the legal title.
While we welcome any advice that keeps clients safe it is wholly irresponsible to print such flagrant inaccuracies and moreover negligent not to have checked in the first place that what was being stated as fact was correct and not, as in this case, completely inaccurate.
The Government (supported by sympathetic newspapers) are desperate to be able to grab as much of what you own as they can through;
1. Taking your home to pay for care fees
2. Inheritance tax – basically theft as you have already paid tax on the money you have saved
3. The proposed new probate fees coming in
There will be another article next Sunday warning people off of putting their homes into Trust to avoid these proposed new fees
DO NOT LISTEN!!
If the proposed new probate fees on your estate come to more than £2k it makes sense to avoid any risk of paying those fees with a property Trust
In addition, many executors will not actually conduct probate themselves instead passing the job to a solicitor
Even at 2% - the average home valued at £300k would save £6k in solicitor’s fees by being in trust and therefore outside of the estate
· Add to this protection against generational inheritance tax
· Preventing a home being lost if a surviving partner remarries
· The potential to avoid having your home used to pay for care fees if the trust has been set up legally, avoiding deliberate deprivation of assets and at a time well in advance of care fee consideration
IT’S A NO BRAINER!
SET UP A PROPERTY PROBATE TRUST TODAY FOR £1995 INC VAT
£2399 INCLUDING LASTING POWERS OF ATTORNEY
DON’T LISTEN TO THE SCAREMONGERS
They won’t be around to give your children their money back when you’ve gone!!
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